Agents Bust Nine for "Cap-and-Fraud"

Mon, 2009-08-24 07:51Ross Gelbspan
Ross Gelbspan's picture

Agents Bust Nine for "Cap-and-Fraud"

Customs agents this week arrested nine people in the London area suspected of a multimillion dollar fraud in trading carbon permits, bringing attention to a rich new field for crime sprung from the fight against climate change. The arrest confirmed fears among law enforcement officers that swindlers – operating from the trading floors of Europe to the tropical forests of the Pacific – are being attracted to a market that has grown to more than $100 billion. 

Comments

I prefer a carbon tax with offsets rather than a cap & trade system. A tax scheme would still be prone to fraud as well, of course, but I suspect regulation and enforcement would be tighter.